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In September 2022, the International Accounting Standards Board (IASB) published the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the Standard.

The Exposure Draft proposed amendments to the IFRS for SMEs Accounting Standard to reflect improvements that have been made in full IFRS Accounting Standards (in the scope of the second comprehensive review) while keeping the Standard simple.

The IASB discussed feedback on the Exposure Draft in June 2023 and its plans for redeliberating the proposals in the Exposure Draft in September 2023.

Read the staff summary of the IASB’s tentative decisions to date.

The IASB expects to publish the third edition of the IFRS for SMEs Accounting Standard in the first quarter of 2025.

IASB® Update November 2024

The IASB met on 20 November 2024 to discuss sweep issues relating to transition requirements in the third edition of the IFRS for SMEs Accounting Standard.

The IASB tentatively decided:

  1. to provide relief from the disclosure requirement in paragraph 10.13(b) of the Standard, but only for the current period, on initial application of the third edition of the Standard.
    Thirteen of 14 IASB members agreed with this decision.  
  2. to withdraw the proposed disclosure requirement in paragraph A28(b) of the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard.
    Twelve of 14 IASB members agreed with this decision.

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IFRS for SMEs Accounting Standard